https://www.taxtmi.com/caselaws?id=61071 A loan raised against exempt agricultural land remained deductible in computing net wealth because section 2(m)(ii) excludes only debts secured on, or incurred in relation to, property not chargeable to wealth-tax. Where the borrowed funds were actually used to acquire taxable assets, the exclusion did not apply, as the debt was not tied in substance or purpose to exempt property. The loan was therefore allowable as a deduction, and the disallowance was incorrect. en-us Sun, 26 Jun 1977 00:00:00 +0530 Mon, 10 Jan 2011 17:10:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61071 A loan raised against exempt agricultural land remained deductible in computing net wealth because section 2(m)(ii) excludes only debts secured on, or incurred in relation to, property not chargeable to wealth-tax. Where the borrowed funds were actually used to acquire taxable assets, the exclusion did not apply, as the debt was not tied in substance or purpose to exempt property. The loan was therefore allowable as a deduction, and the disallowance was incorrect. Case-Laws Wealth-tax Sun, 26 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61071